Crypto fugitive Do Kwon and the firm he founded transferred over 10,000 Bitcoin out of their doomed project and turned some of the tokens into cash via a Swiss bank, the Securities & Exchange Commission said.

The allegations are in an SEC lawsuit accusing Kwon and the company, Terraform Labs Pte, of fraud over the wipeout of digital currencies he created. The SEC said the scheme led to losses of at least $40 billion.

(By Suvashree Ghosh)

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